January 26, 2021

DealBook: Carlyle Joins Hellman & Friedman in $3.9 Billion Deal for Drug Research Firm

The private equity firms Carlyle Group and Hellman Friedman on Monday agreed to buy Pharmaceutical Product Development, a contract medical research company, for $3.9 billion.

Under the terms of the deal, the firms will pay $33.25 a share in cash, about 30 percent above the stock’s closing price on Friday. The buyout is expected to close in the fourth quarter.

“The sale of P.P.D. to the Carlyle Group and Hellman Friedman provides an attractive return for our shareholders, while also ensuring a secure foundation and commitment to investment, innovation and excellence for P.P.D. clients and employees as the company builds on its 25-year history of success,” Fred Eshelman, executive chairman of the company, said in a statement.

Article source: http://feeds.nytimes.com/click.phdo?i=202c3aed178f79d63d6ac2d12f08bd61

Letters: Letters: What Kind of Innovation?

Opinion »

The Thread: Pre-Emptive Moves

A cross-party squabble over the scheduling of the president’s next speech turned out to be no small matter.

Article source: http://feeds.nytimes.com/click.phdo?i=c05d4c3acc236417d0d23d31be0212c8

More Reserves May Be Asked of Top Banks

Opinion »

Editorial: Blame Congress

Congress has failed to enact climate change legislation that would have encouraged innovation.

Article source: http://feeds.nytimes.com/click.phdo?i=c3fdb870c0c00a6690d834622dc3d1b4